Solana has been holding steady above the $175 mark. Its price, currently in a recovery phase from previous losses, is encountering significant hurdles around the $200 and $205 levels.
After testing the $175 zone against the US Dollar, SOL embarked on a fresh upward trajectory. It is currently trading above $190 and the 100 – hourly simple moving average. On the hourly SOL/USD chart (data sourced from Kraken), it managed to break above a bearish trend line with resistance at $185.
Resembling the price movements of Bitcoin and Ethereum, Solana established a support base at $185 and initiated an upward trend. It surpassed the $190 and $192 resistance levels, broke through a bearish trend line with resistance at $190, and climbed above $195 to test the 50% Fib retracement level of the downward move from the $228 high to the $175 low.
However, the price now faces multiple obstacles near $200. While trading above $190 and the 100 – hourly simple moving average, it is met with resistance around the $202 level. The next major resistance lies at the $208 level or the 61.8% Fib retracement level of the earlier downward move. The main resistance could be at $215. A successful close above the $220 resistance could set the stage for a continued steady increase, with the next key resistance at $235. Further gains could potentially push the price towards the $250 mark.
If SOL fails to breach the $208 resistance, it may initiate another downward trend. The initial support on the downside is around the $195 level, with the first major support at $188. A break below the $180 level could send the price towards the $175 zone. If the price closes below the $175 support, it could decline further towards the $162 support in the near future.
The hourly MACD for the SOL/USD pair is gaining pace in the bullish zone, indicating positive momentum. The hourly RSI for SOL/USD is above the 50 level, suggesting that the bulls currently have an edge in the short – term. The key support levels are $195 and $188, while the significant resistance levels are $208 and $215. These levels will be crucial in determining SOL’s future price movement.
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